Steel prices in the US would be weaker if not artificially propped up by trade tariff pressures as underlying demand is depressed, several market participants told Fastmarkets on Friday August 8.

Rare earth permanent magnet producers outside China are securing critical materials through key deals and partnerships. These efforts aim to strengthen the global supply chain amid China’s export controls and rising demand for NdFeB magnets.

Spodumene production in Australia and Canada rose in the second quarter of 2025, with most producers maintaining profitability despite falling prices. However, several high-cost operations remain inactive amid ongoing market uncertainty.

Electra Battery Materials Corp announced on Thursday July 31 that it is starting metallurgical testing on cobalt feedstocks at its historic Cobalt Camp in Ontario and at its Iron Creek, Idaho cobalt and copper project to expand North American supply of critical minerals contained in lithium-ion batteries for electric vehicles (EVs).

Westwin Elements, America’s first nickel refinery, has secured $1.4 billion in long-term deals with Traxys, boosting the domestic critical minerals supply chain and reducing import reliance.

The Mexican aluminium market is experiencing low spot activity and pricing pressure amid ongoing tariff uncertainty and heavy reliance on US trade. Market participants are watching closely for potential trade deals that could reshape the current landscape.

Market reactions to the soon-to-be-implemented US copper tariff are driving short-term volatility and supply imbalances while fuelling long-term efforts to expand domestic production, recycling and infrastructure.

India’s ferrous scrap imports have rebounded in early 2025 but remain vulnerable due to competitive domestic DRI prices and shifting sourcing strategies by steelmakers. While near-term demand is subdued, long-term prospects depend on evolving supply chains and policy decisions.

In a move received with optimism from industry experts, the One Big Beautiful Bill allocates billions in federal funding to bolster the US critical minerals sector through multiple venues, signaling strong government support for domestic production and supply chain resilience. Market participants expect the demand effect from the introduction of timelines on 45X and repealing of 30D credits to be limited.

US copper scrap market participants are shifting from COMEX to LME pricing in response to extreme price volatility and a new 50% copper import tariff. The change is influencing discount formulas, export strategies and long-term trading dynamics across the sector.